The exchange's Volatility Index, or VIX--calculated from the prices investors are willing to pay for options tied to the Standard & Poor's 500-stock index--had surged earlier last year, driving record trade in CBOE's expanding range of products linked to the market's fear gauge. However recently, the VIX has been relatively subdued, indicating less investor anxiety, as stocks have moved broadly higher.

Still, the index has been seeing a lot of activity, setting a new volume record for 2012 as contracts traded rose 98% to 23.79 million from 2011. Meanwhile, average daily volume of VIX futures for the year doubled from the prior year to 95,143 contracts, a record level for the third year in a row.

CBOE reported a quarterly profit of $39.7 million, or 45 cents a share, versus $31.8 million, or 35 cents a share, a year earlier. Stripping out one-time items, per-share earnings were 37 cents a year ago.

Operating revenue improved 8.2% to $130.1 million.

Analysts polled by Thomson Reuters expected per-share earnings of 42 cents on $127 million in revenue.

CBOE noted the rise primarily reflects an increase in transaction fees, exchange services and other fees, and regulatory fees, offset somewhat by a decrease in access fees.

Operating margin widened to 45.9% from 43.8%.

Average daily volume declined 4.1% to 4.1 million contracts as equities volume, and exchange-traded product volume, both fell. Indexes volume was a relative bright spot, climbing 7.7%. Indexes also formed more of the overall trading volume, at 31.4% versus 28% in the year earlier.

Average transaction fee per contract rose 11%, again driven by a rise in indexes revenue.

CBOE Chief Executive William Brodsky, a pivotal figure in the U.S. derivatives industry for almost 40 years, announced in December that he will step down as CEO of the Chicago Board Options Exchange in May. Mr. Brodsky will become executive chairman of the largest U.S. options exchange, with CBOE President Edward Tilly taking over as chief executive.

CBOE in recent weeks notified traders that a trio of directors who run trading firms and represent exchange members on CBOE's board will be replaced on the board by current directors who are unaffiliated with trading operations. The shift follows an investigation last year by the Securities and Exchange Commission into the CBOE's functions as a market regulator, overseeing firms that trade on its markets and other exchanges.

Shares closed Thursday at $34.30 and were inactive premarket. The stock has risen 30% in the past 12 months.

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